An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements — SSAE No. 15

The Auditing Standards Board has issued Statement on Standards for Attestation Engagements (SSAE) No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements. SSAE No. 15 establishes standards and provides guidance to practitioners performing an examination of a nonissuer's internal control over financial reporting (internal control) in the context of an integrated audit (an audit of an entity's financial statements and an examination of its internal control). SSAE No. 15 supersedes extant AT section 501, Reporting on an Entity's Internal Control Over Financial Reporting. SSAE No. 15 converges the standards practitioners use for reporting on a nonissuer's internal control with Public Company Accounting Oversight Board Auditing Standards No. 5, An Audit of Internal Control That is Integrated with an Audit of Financial Statements. Some of the changes introduced by SSAE No 15 are

Revising the scope of AT section 501 to make it applicable only to examinations of the design and operating effectiveness of an entity's internal control that are integrated with an audit of the entity's financial statements. AT section 501 would no longer be applicable to examinations of

the design and operating effectiveness of an entity's internal control if the financial statements are not also being audited

only the suitability of the design of an entity's internal control. (Such engagements may be developed and performed under AT section 101, Attest Engagements. An interpretation of AT section 101 on reporting on the design of internal control is currently being developed)

Requiring management's written assertion about the effectiveness of the entity's internal control to accompany the practitioner's report

Revising the definitions of the terms material weakness and significant deficiency

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